Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Amazon ticker symbol: AMZN. In which, the rally from 01 May 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

AMZN 1-Hour Elliott Wave Chart From 7.10.2023​

Here’s the 1hr Elliott wave chart from the 7/10/2023 Midday update. In which, the rally from the 5/01/2023 low unfolded in an impulse sequence where wave 3 ended at $131.85 high. Down from there, the stock made a pullback in wave 4 while the internals of that pullback unfolded as Elliott wave flat structure where wave ((a)) ended at $127.37 low. Wave ((b)) ended at $130.97 high and wave ((c)) managed to reach the blue box area at $126.49- $123.72 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

AMZN Latest 1-Hour Elliott Wave Chart From 7.14.2023​

This is the latest 1hr Elliott wave Chart from the 7/14/2023 Midday update. In which the stock is showing a reaction higher taking place, right after ending the pullback within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the stock has already made a new high confirming the next extension higher & erased divergence opening up further upside towards $137.39- $144.49 area next before a pullback happens. It’s important to note that with further data, the pullback adjusted to a double three correction.

Source: https://elliottwave-forecast.com/stock-market/amzn-keep-reacting-higher-blue-box-areas/

 

[Elliottwave-Forecast]

In the fast-paced world of cryptocurrency, Riot Blockchain Inc (NASDAQ: RIOT) has emerged as a key player, fueled by its innovative blockchain technology and successful venture into mining Bitcoin. As the demand for digital currencies continues to rise, RIOT has positioned itself for further growth and success. In this article, we will delve into the bullish structure supporting RIOT's upward trajectory, exploring the potential for continued advances and the opportunities it presents for investors.

Following a 95% decline from its 2021 peak, RIOT hit a major bottom on December 28, 2022. Since then, the stock has rallied an impressive +500%, outperforming its crypto mining peers. The ongoing advance in RIOT follows an Elliott Wave impulsive structure, with the current price action residing within the extended 3rd wave. This wave, known for its length and strength, suggests the potential for further gains in the stock.

Long-term investors who took advantage of the low are reaping the benefits of this impressive rally. However, the daily cycle is approaching the anticipated pullback phase characterized by choppiness in the form of 4th waves. This presents trading opportunities for short-term investors.

The stock is poised for further upside, with potential price targets at the Fibonacci extension levels of $24.5 - $27.5. It's worth noting that reaching the $32.5 level would mark an impressive 1000% rally from the lows.

After completing the impulsive 5-wave advance in wave (I), a corrective pullback in wave (II) is anticipated, followed by another impulsive rally in wave (III) over the next two years. This bullish wave structure suggests further potential for upward movement in the stock.

RIOT Daily Chart 7.17.2023​

Source: https://elliottwave-forecast.com/stock-market/riot-bullish-advance/

 

[Elliottwave-Forecast]

Gold-to-Silver ratio (AUG) overshot to 126.43 during the Covid-19 scare in March 2020. This is an all-time high and arguably unsustainable when measured by many different matrices. The current ratio of 78-79 is still considered to be elevated by historical average. Below are several matrices to measure the proper level of the ratio:

1. The pre-1990 average of gold-to-silver ratio is around 16.
2. The average throughout the twentieth century is about 65.
3. The mining ratio is around 8, which means 8 ounces of Silver for every 1 ounce of Gold mined.

In this article, we will look at the technical outlook of the Gold-to-Silver ratio using Elliott Wave as the chart below shows.

Gold-to-Silver (AUG) Daily Elliott Wave Chart​

Daily Elliott Wave Chart of Gold-to-Silver ratio above shows that it has started to resume lower. A break below wave (1) at 77.46 would confirm that wave (2) corrective rally has ended at 86.394. The ratio has spent almost 1 year in a range trade since it formed the top on 9.1.2022 high at 96.489. The rally to 96.636 ended the correction to the cycle from March 2020 peak as wave b. Wave c lower is currently in progress as a 5 waves Elliott Wave structure. Down from wave b, wave ((1)) ended at 746.3 and rally in wave ((2)) ended at 91.819. Expect the ratio to extend lower in wave ((3)). As far as pivot at 96.636 high stays intact, expect rally to fail in 3, 7, or 11 swing and the ratio to extend lower.

As AUG has inverse correlation to the price of the underlying metals (gold and silver), this suggests that we should expect the price of gold and silver to continue higher in the second half of 2023.

Source: https://elliottwave-forecast.com/elliottwave/gold-silver-ratio-resumed-lower/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Tesla Inc. ($TSLA) The rally from 4.27.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 6.26.2023 low. So, we advised members to buy the pullback in 7 swings (WXY) at the blue box area ($269.45 – 262.39). We will explain the structure & forecast below:

$TSLA 1H Elliott Wave Chart 7.10.2023:​

Here is the 1H Elliott Wave count from 7.10.2023. The rally from 6.26.2023 low at blue (4) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 7 swings at $269.45 – 262.39 where we entered as buyers.

$TSLA 1H Elliott Wave Chart 7.16.2023:​

Here is the latest 1H weekend update showing the move taking place as expected. The stock has reacted higher from the blue box area allowing longs to get a risk free position and breaking above 7.03.2023 peak creating another bullish sequence. From here, we expect more upside towards $311 – 340 area in the near term and eventually a new all time high.

Source: https://elliottwave-forecast.com/stock-market/tesla-inc-tsla-another-blue-box-bullish-sequence/

 

[Elliottwave-Forecast]

NextEra Energy Inc (NEE) generates, transmits, distributes & sells electric power to retail & wholesale customers in North America. The company generates electricity through wind, solar, coal, nuclear & natural gas. It is based in Juno Beach, Florida, comes under Utility sector & trades as “NEE” ticker at NYSE.

NEE made an all time high of $93.73 as impulse sequence as ((I)) & favors lower in ((II)) as double correction. It expects to remain sideways to lower & find the next support between $64.80 - $48.38 area before rally resumes.

NEE - Elliott Wave Weekly Latest View: ​

In weekly impulse sequence higher, it placed (III) at $87.69 high & (IV) at $68.33 low. Above there, it finished (V) as diagonal at $93.73 high as ((I)) in December-2021. Below there, it favors pullback in double correction in ((II)). It placed (w) at $67.22 low in 3 swing pullbacks. In (w), it ended a at $69.79 low, b at $87.52 high & c at $67.22 low. It bounced off in (x), ended at $91.35 high. In (x) connector, it placed a at $81.49 high, b at $75.77 low & c at $91.35 high as 3 swing sequence.

Below (x) high, it placed w of (y) at $69.81 low & x at $88.61 high. It favors lower in y of (y) in 3 swing sequence & expect to remain sideways to lower. It favors lower in ((C)) of y of (y), while bounce fail below ((B)) high of $79.78, which confirms below ((A)) low of $69.64 and extend towards $64.80 - $48.38 area to finish ((II)) correction. We like to buy from the blue box area for next sequence higher or at least 3 swing reaction higher. Alternatively, if it breaks above $79.78 high, it can either extend ((B)) leg before turning lower or can be x connector, while placed w at last low in (y) leg.

Source: https://elliottwave-forecast.com/st...ergy-nee-favors-sideways-lower-rally-resumes/

 

[Elliottwave-Forecast]

In this article we’re going to take a quick look at the Elliott Wave charts of NIKKEI published in members area of the website. As our members know NIKKEI is showing impulsive bullish sequences that are calling for a further strength. Recently we got a 3 waves pull back that has ended right at the Blue Box zone (our buying area) . In the further text we are going to explain the Elliott Wave Forecast and trading setup.

NIKKEI Elliott Wave 4 Hour Chart 07.11.2022​

NIKKEI is giving us pull back in 3 waves that are reaching extreme area at 32150-31082 blue box ( buying zone) . We don’t recommend selling the futures and prefer the long side. NIKKEI should ideally make a rally toward new highs or 3 waves bounce alternatively. As our members know Blue boxes are based on 100% – 161.8% Fibonacci extension area , that we trade in 3, 7, or 11 swing corrective sequence. Once bounce reaches 50 Fibs against the B red high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 31082

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

NIKKEI Elliott Wave 4 Hour Chart 07.19.2022​

NIKKEI made good reaction from our buying zone. We call wave 4 red completed at 31811 low. The price has reached and exceeded 50 fibs against the ((b)) black high. Members who took the long trade are enjoying profits now in a risk free positions. We would like to see break of 3 red high, to confirm next leg up is in progress.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room



Source: https://elliottwave-forecast.com/trading/nikkei-nkd_f-buying-dips-blue-box/

 

[Elliottwave-Forecast]

Pfizer, Inc. is an US American pharmaceutical and biotechnology company. Founded in 1849 and headquartered in New York, USA, it is a part of S&P100 and S&P500 indices. Investors can trade it under the ticker $PFE at New York Stock Exchange. Pfizer develops and produces medicines and vaccines for immunology, oncology, cardiology, endocrinology, and neurology. The company's largest products by sales are the Pfizer–BioNTech COVID-19 vaccine ($37 billion in 2022 revenues), Nirmatrelvir/Ritonavir ($18 billion in 2022 revenues), Apixaban ($6 billion in 2022 revenues), a pneumococcal conjugate vaccine ($6 billion in 2022 revenues), and Palbociclib ($5 billion in 2022 revenues). In 2022, 42% of the company's revenues came from the United States, 8% came from Japan, and 50% came from other countries.

Even though Pfizer made important revenues in 2022, the stock price was in a steady decline during the entire 2022. Even more, until now, it has not found a bottom yet. In this article, we explain that $PFE is trading within weekly bearish sequence. Soon it should reach next support area. We talk about $PFE wave structure, buying opportunities and about medium- to long-term price target areas.

Pfizer Monthly Elliott Wave Analysis 07.23.2023​

The monthly chart below shows the Pfizer stock $PFE traded at NYSE. From the all-time lows, the stock price is showing a nesting price action. Firstly, initial impulse in black wave ((I)) of grand super cycle degree has ended in April 1999 at 47.44 highs. From there, a consolidation lower in black wave ((II)) as a double three pattern has set an important bottom in March 2009 at 11.02 lows. Secondly, from the March 2009 lows, new cycle in blue wave (I) of super cycle degree has started. It has printed a high in December 2018 at 44.05 highs. From there, a pullback in blue wave (II) has unfolded as another double three pattern. It has bottomed in March 2020 at 26.43 lows.

Thirdly, from the lows of March 2020, a new cycle in blue wave (III) of black wave ((III)) has started. It has been confirmed by breaking both December 2018 and April 1999 highs. The target for blue wave (III) is 59.48-79.92 area and even beyond. In fact, the price action has already reached the minimum target being 59.48. However, it is the preffered view that the advance from March 2020 lows was nothing more than red wave I of blue wave ((III)). Also, current pullback remains above 26.43 lows and looks corrective. The consolidation is, therefore, likely to be a red wave II. Once ended, expect acceleration higher within red wave III of blue wave (III).

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Pfizer Weekly Elliott Wave Analysis 07.23.2023​

The weekly chart below shows first stages of the blue wave (III). Hereby, we can see a nest comprising of red waves I and II in formation. The initial advance in red wave I is an Elliott wave leading diagonal pattern being 3-3-3-3-3 structure. Importantly, the $PFE price has broken towards the new all-time highs. As a matter of fact, it has confirmed next extension higher. Hereby, red wave I has printed its top at 61.71 on December 2021. From there, pullback in red wave II is unfolding as a zigzag pattern being 5-3-5 structure.

Firsty, leading diagonal in black wave ((A)) of red wave II has printed a low at $41.45 in October 2022. Then, a bounce has set a connector wave ((B)) at $54.93 highs in December 2022. Later on, the price has broken 41.45 lows opening up a bearish sequence. As a consequence, target area for black wave ((C)) is towards 34.69-26.43 area. As of today, impulse in black wave ((C)) has enough number of swings to be counted completed. However, target area has not been reached yet. Investors and traders can be looking to buy $PFE from 34.69-26.43 area targeting 61.71 highs and even higher.

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Source: https://elliottwave-forecast.com/video-blog/buying-weekly-dips-pfizer/

 

[Elliottwave-Forecast]

The Indian rupee (USDINR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2022, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest.

Quarterly USDINR Log Chart December 2022​

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In the quarterly log chart, we could see USDINR is building an impulse since 1970. Wave I ended at 9.35 and pullback as wave II finished at 7.66. Then the pair had a big rally reached 49.16 as wave III. We could see wave III in the Stoch how in long term kept above 80 until wave IV appeared. Wave IV started in 2002 after Tech's recession and continued until when Housing's recession began. Since 2008, pair extended the rally from 39.01. It is developing a wave V of (I) that it looks like is not going to end soon. However, we could see an interesting pullback around 88.26 where it is the equal legs taken from wave III and IV.

Monthly USDINR Chart December 2022​

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In the monthly chart, we saw that wave ((1)) of V ended at 52.51. Retracement as wave ((2)) of V at 43.88. Since then, the pair has held up in groups of waves 1 and 2 nesting in the market. This should continue with the uptrend in groups of waves 3 and 4.

Monthly USDINR Chart July 2023​

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After 7 months ago, the rupees has been consolidating. This means the currency is building some wave 4, in this case wave (iv). Therefore, any breakout above 83.28 should be false because that break should be a wave (v) of ((iii)) and we should wait for a pullback in wave ((iv)) immediately. Thus, the market would continue with the bullish movement in groups of 3 and 4 waves. Besides, we are making some adjustments to the count. The principal changing is the leading diagonal as wave 1. This only affects the strength of the wave V and we are calling that wave 3 should hit 88.26 before entering in wave 4.

Source: https://elliottwave-forecast.com/forex/short-term-breakout-rupees-usdinr-false/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of CADJPY forex pair, presented in members area of the of our website. As our members know, CADJPY is showing impulsive bullish sequences in the cycle from the 94.069 low. Consequently , we recommended members to avoid selling the pair and keep favoring the long side.The pair is bullish against the 98.36 low. Recently we got nice 3 waves pull back that unfolded as Elliott Wave Double Three Pattern. The pair found buyers right at the equal legs and made rally as expected. In further text we are going to explain Elliott Wave Forecast and Double Three Pattern.

Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

CADJPY Elliott Wave 4 Hour Chart 07.17.2021​

The pair has made 5 waves up in the rally from the 98.38.71 low which is considered to be wave (3) of larger bullish cycle. Current view suggests the pair can be still doing (4) blue correction that is unfolding as Elliott Wave Double Three Pattern with WXY red inner labeling. First leg W is showing corrective sequences – 3 waves down ((a))((b))((c)). Then we got 3 waves bounce in X red in shallow correction. The price has already reached extreme zone at 104.835-103.136. However wave Y red still can see another wave down to complete the pattern. We expect buyers to appear soon.

You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.

CADJPY Elliott Wave 4 Hour Chart 07.22.2021​

Current view suggests the pair completed wave (4) blue pull back as a 7 swing pattern at the 104.24 low. The buyers appeared and we got nice reaction from the equal legs area. As far as the pivot at 104.24 low holds, the pair should ideally continue trading higher. Break of (3) blue is needed to confirm next leg up is in progress.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.





Source: https://elliottwave-forecast.com/elliottwave/cadjpy-elliott-wave-rally-double-three/

 

[Elliottwave-Forecast]

Freeport-McMoRan Inc., (FCX) engages in the mining of minerals in North America, South America & Indonesia. It primarily explores for Copper, Gold, Molybdenum, Silver & other metals, as well as Oil & gas. It is based in Phoenix, Arizona, US, comes under Basic Materials sector & trades as “FCX” ticker at NYSE.

FCX finished corrective pullback at $24.80 low against 2016 low & expect further upside in III sequence, which confirms above I high of $51.99. It favors higher in 1 of (1) of ((3)) & expect higher, while dips remain above ((2)) low of $33.05.

FCX - Elliott Wave Weekly Latest View: ​

It started impulse sequence from January-2016 low, which ended as I of (III) at $51.99 high. It placed ((1)) at $17.06 high & ((2)) at $4.82 low as flat correction. Above there, it extended higher in ((3)), which ended at $46.10 high & corrected lower in ((4)) at $30.02. Finally, it ended ((5)) as diagonal at $51.99 high as wave I. It finished II correction at $24.80 low as 3 swing pullback.

Above II low, it favored ended ((1)) of III at $46.73 high. It placed (1) at $33.89 high, (2) at $26.03 low, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). It favored ended ((2)) correction at $33.06 low, in which it placed (A) at $34.88 low, (B) at $43.46 high & (C) at $33.06 low in 3 swing correction. Currently, it favors higher in 1 of (1) of ((3)) & expect small upside as diagonal before correcting in wave 2. It expects further upside, while dips remain above ((2)) low & confirm the sequence above ((1)) high to avoid any double correction, if breaks below $33.06 low.

Source: https://elliottwave-forecast.com/stock-market/freeport-mcmoran-fcx-expect/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of CHFJPY. In which, the rally from 13 January 2023 low unfolded as an impulse sequence and showed a higher high sequence. Therefore, we knew that the structure in CHFJPY is incomplete to the upside & should see another leg higher to complete the impulse rally. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

CHFJPY 1-Hour Elliott Wave Chart From 7.12.2023​

Here’s the 1hr Elliott wave Chart from the 7/12/2023 update. In which, the rally to 161.64 high ended wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave double three correction where wave (w) ended in 3 swings at 159.96 low. Then a bounce to 160.99 high ended wave (x) & started the next leg lower in wave (y) towards 159.29- 158.23 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.

CHFJPY Latest 1-Hour Elliott Wave Chart from 7.25.2023​

This is the latest 1hr Elliott wave Chart from the 7/25/2022 Asia update. In which the pair is showing a strong reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the pair has already made new highs supporting some more upside. Note, with further data, we were able to adjust the degree into wave 5 higher.

Source: https://elliottwave-forecast.com/forex/chfjpy-strong-rally-elliott-wave-blue-box/

 

[Elliottwave-Forecast]

SPDR S&P Bank ETF (KBE) is a widely-tracked exchange-traded fund that provides exposure to the banking sector within the S&P 500 index. As an essential component of the financial markets, KBE offers investors an opportunity to participate in the performance of leading banks and financial institutions. This article will explore the current outlook for KBE, based on the current Elliott Wave structure and potential price action for future growth.

KBE experienced a daily decline from its January 2022 peak, unfolding as a 3-wave Zigzag Structure. The initial leg, wave a, ended in July 2022, followed by a bounce in wave b, and then the decline resumed in wave c in August last year. The downside move accelerated during the March Banking crisis, and wave c reached its main target area at the blue box ($34 - $30).

The blue box on our charts represents a high-frequency area where the market is likely to end its cycle and reverse. After reaching this area, KBE began a reaction higher, initially showing 3 swings up and aiming for the equal legs area at $42 - $47. Around that region, the ETF is expected to complete the initial rally that started from May 2023 low, forming a potential 5-wave advance. Subsequently, a 3-wave pullback may occur to correct that cycle, followed by further upside.

Despite the challenges faced by the Banking sector earlier this year, the market is showing signs of recovery. Technically, the daily chart indicates a potential major low, as buyers stepped in within the extreme area, leading to a bounce for the Bank ETF.

KBE Daily Chart 7.25.2023​

Source: https://elliottwave-forecast.com/stock-market/bank-etf-kbe-bouncing/

 

[Elliottwave-Forecast]

The Travelers Companies, Inc., TRV, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.

Weekly TRV Chart July 2023​

TRV ended a great super cycle in the year of 2019 reaching a peak at $154.86 which we call the wave ((I)). Then the market made a quick and strong correction driven by the COVID19 pandemic in 2020. The company lost 50% of its value reaching $76.99 per share in March. This culminated wave ((II)) and we are currently building wave ((III)). Wave (I) of ((III)) ended at $194.51 in January 2023 building an impulse and it has been correcting in wave (II) of ((III)) ever since.

Wave "a" of (II) fell to the price of $161.33 in March and the rebound as wave "b" ended at $185.77. As long as the price action is below this level, we expect to continue to the downside building an impulse as wave "c" of (II). The blue box is in the 152.52 – 131.87 area, from where we should finish the wave ((II)) and continue the rally or see 3 swings up at least.

Weekly TRV Alternative Chart July 2023​

As an alternative to the previous chart, we see the possibility that wave “b” has not ended yet. This means that it should break above $185.77, reach around $189.22 and turn lower as wave “c”.

Source: https://elliottwave-forecast.com/stock-market/travelers-trv-correcting-march-2020/

 

[Elliottwave-Forecast]

Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. Shopify (SHOP) is the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems. The Shopify platform offers online retailers a suite of services including payments, marketing, shipping and customer engagement tools.

SHOP Daily Chart February 2023​

Shopify ended a Grand Supercycle in July 2021 and we labeled it as wave ((I)). Since then, It entered in a flat correction as wave ((II)). Three swings drop ended at 128.46 as Wave (a). Then market breaks above 164.88 in another 3 swings suggesting a possible flat correction and we labeled wave (b) at 176.49. Down from this price, SHOP built a perfect impulse lower completing a big short at 23.75 and we labeled as wave (c) and also wave ((II)). Market bounced from this low and we are expecting to continue higher to reach 2021 prices again.

SHOP Daily Chart July 2023​

The impulse from October low has extended and made a nest ((1)) and ((2)) to continue wave III higher. Therefore, wave I of (I) ended at 45.09 and wave (II) pullback. Wave III extended completing at 67.55 and then a small wave IV took part retracing to 60.22. While price action remains above 60.22, we are expecting to keep moving higher to end wave V of (I). Then. the market should be rejected and turn lower in 3, 7 or 11 swings correction as wave (II) and continue the rally again. The view is valid as the market stays above 23.75.

Source: https://elliottwave-forecast.com/stock-market/shopify-shop-impulse-october-2022-low/

 

[Elliottwave-Forecast]

CVS Health Corporation is an US American healthcare company. Founded in 1963 and headquartered in Woonsocket, Rhode Island, USA, it is a part of S&P100 and S&P500 indices. Investors can trade it under the ticker $CVS at New York Stock Exchange. CVS Health owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands..

CVS Health Monthly Elliott Wave Analysis 07.29.2023​

The monthly chart below shows the CVS Health stock $CVS traded at NYSE. From the all-time lows, the stock price is developing an impulse structure. Firstly, leading diagonal in blue wave (I) of super cycle degree has ended in June 2008 at 44.29 highs. From there, a pullback in blue wave (II) has set a bottom in December 2008 at 23.19 lows. Then, from the December 2008 lows, new cycle has started. It has printed the all-time highs in June 2015 at $113.65. Importantly, that cycle has extended beyond 2.0 multiples of the wave (I). As a matter of fact, one should count it as an extended blue wave (III) of super cycle degree. Therefore, natural Elliott wave count would suggest blue waves (IV) and (V) still to follow. These two waves should accomplish the impulse from all-time lows in black wave ((I)) of grand super cycle degree.

It is the preferred view that wave (IV) is currently in progress. Indeed, while below the all-time highs, wave (V) has not been confirmed yet. The wave pattern shows a converging price action. It is the preffered view that we are dealing with an Elliott wave contracting triangle being 3-3-3-3-3 structure. Within it, waves a-b-c have ended. While above 66.34 lows, red wave d should extend higher in 3 or 7 swings. After a pullback in red wave e, expect a thrust higher in blue wave (V). The target for blue wave (V) is 128.66-152.41 area and possibly higher.

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CVS Health Daily Elliott Wave Analysis 07.29.2023​

The daily chart below shows the 3rd swing out of 5 within bullish triangle in blue wave (IV). Following first two swings being red waves a and b, 3rd swing in red wave c has started from 111.25 highs back in February 2022. It has unfolded as a double three pattern being 3-3-3 structure.

Firsty, 3 swings in black wave ((W)) of red wave c have printed a low at $86.28 in October 2022. Then, a bounce has set a connector wave ((X)) at $104.83 highs in December 2022. Later on, the price has broken 86.28 lows opening up a bearish sequence. As a consequence, target area for black wave ((Y)) is towards 79.80-64.32 area. It has been reached within another 3 swings of the wave ((Y)). It is the preffered view, that wave c has ended in May 2023 at 66.34 lows. While above there, new cycle in red wave d has started.

Investors and traders can be looking to buy $CVS from 79.80-64.32 area targeting 128.66-152.41 and even higher in the long run.



Source: https://elliottwave-forecast.com/stock-market/cvs-health-bullish-triangle/

 

[Elliottwave-Forecast]

Live Cattle is a livestock commodity within the agriculture asset class, along with lean hogs, feeder cattle and porc cutouts. Once the feeder cattle have reached the target weigh of 1050-1500 pounds, they can be referred to as fed or live cattle. One can trade Live Cattle futures at Chicago Board of Trade in contracts of 40’000 pounds each under the ticker LE #F. Without any doubt, anticipation of the LE #F price development is of a high impact on the modern society. As a matter of fact, the price action of the cattle reflects the future meat price on the plate.

In the initial article from February 2021, we have expected the rally in LE #F to break to the new all-time highs. We were right. In June 2023, the prices have broken above 171.65. At the same time, this move has opened a monthly bullish sequence. Now, dips should find buyers in 3, 7 swings while LE #F prices should continue climbing up. As a matter of fact, this rally in cattle prices will make consumption of meat much more less affordable for the broad population. In the current article, we discuss the wave structure in Live Cattle futures and provide with targets.

Live Cattle Monthly Elliott Wave Analysis 07.30.2023​

The monthly chart below shows the live cattle front contract LE #F. From the all-time lows, the prices have developed a cycle higher in black wave ((w)) of a grand super cycle degree. It has printed the highs in November 2014 at 171.65. From the highs, a correction lower in wave ((x)) has unfolded as an Elliott Wave zigzag pattern. In five and half years, LE #F has become cheaper by more than 50% reaching 76.60 price level. From the April 2020 lows, black wave ((y)) is currently in progress. Break above 171.65 highs has co confirmed that. In 3 years, the prices have more than doubled. Now, the target for wave ((y)) to end will be 248-354 area. In fact, extension towards 100% extension will mean that prices from April 2020 are going to triple.

In shorter cycles, intraday pullbacks should see buyers. However, LE #F prices have entered monthly intermediary 182-211 area. There, a larger pullback should take place. Therefore, investors and traders can be waiting for blue wave (a) of black wave ((y)) to end first. Then, pullback in wave (b) should find support against April 2020 lows in 3, 7 swings for more upside in blue wave (c).



Source: https://elliottwave-forecast.com/commodities/live-cattle-bullish-sequence/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of NZDJPY forex pair published in members area of the website. As our members know NZDJPY has recently made pull back against the 83.5 low that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the peak and completed correction right at the Equal Legs zone. In further text we’re going to explain the Elliott Wave pattern and forecast

Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

NZDJPY Elliott Wave 4 Hour Chart 07.27.2023​

The pair has made 5 waves up in the rally from the 83.5 low which is considered to be wave (3) of larger bullish cycle. Current view suggests the pair can be still doing (4) blue correction that is unfolding as Elliott Wave Double Three Pattern. Pull back has WXY red inner labeling. First leg W is showing corrective sequences – 3 waves down ((a))((b))((c)). So, we assume Y red leg should also have 3 waves structure. Pull back looks incomplete at the moment, we expect to see another leg down toward 85.22-84.4 equal legs- buyers zone.

You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.

NZDJPY Elliott Wave 4 Hour Chart 07.30.2023​

NZDJPY made extension down toward marked zone 85.22-84.4 and found buyers as expected. Bounce already reached 50 fibs against the X red connector. Consequently, any long positions from the equal legs area should be risk free by now. We call wave (4) completed at the 84.95 low. Once the pair make a break of (3) blue high, it will confirm next leg up is in progress.

Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.



Source: https://elliottwave-forecast.com/elliottwave/nzdjpy-elliott-wave-double-three/

 

[Elliottwave-Forecast]

Crocs Inc., (CROX) designs, manufactures, markets & distributes casual lifestyle footwear & accessories for men, women & children worldwide. The company sells its products in approximately 85 countries through wholesalers, retail stores, e-commerce sites & third-party marketplaces. It is based in Colorado, US, comes under Consumer Cyclical sector & trades as “CROX” ticker at Nasdaq.

In the previous article from 4.17.2023, CROX favored higher in (5) to finish ((1)) impulse sequence, which ended at 151.32 high & favors pullback in ((2)) in 7 swings structure. It favors lower in (Y) towards $80.76 - $50.05 area to finish ((2)) correction before upside resumes in ((3)).

CROX - Elliott Wave View From 4.17.2023: ​

It placed I at $183.88 high & II at as 3 swing zigzag correction at $46.08 low. Above there, it favors higher in wave III, which confirms above I high. It placed (1) of ((1)) at $80.64 high started from II low & (2) at $65.17 low. (2) was corrected 0.5 Fibonacci retracement of (1). Later, it extended higher in (3), which ended at $143.50 high. It ended (4) correction at $109.47 low as slightly lower below 0.382 Fibonacci retracement of (3). Finally, it ended (5) at $151.32 high as ((1)) of III.

CROX - Elliott Wave Latest Daily View: ​

It placed (W) of ((2)) at $101.65 low as 3 swing pullback. It bounced off in (X) connector as flat structure, which ended at $130.36 high. Below there, it favors lower in (Y) of ((2)) & expect to extend between $80.76 - $50.05 area before turning higher in ((3)) or at least can see 3 swing bounce. It favors lower in A of (Y) & expect small downside as it breaks below (W) low before a bounce in B connector. (Y) expect to unfold in 3 swings lower to finish the double correction in ((2)).

CROX - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/crocs-favors-corrective-pullback-rally-resumes/

 

[Elliottwave-Forecast]

Hello Traders! Today, we will look at the Monthly and Weekly Elliott Wave structure of Enbridge Inc. ($ENB) and explain why the stock is at a Generational low and a Multi Year Rally should happen soon.

Enbridge Inc. is a multinational pipeline and energy company headquartered in Calgary, Alberta, Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids. Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world.

$ENB Monthly Elliott Wave View July 31 2023:​

The Monthly chart above shows the Grand super cycle from Jan 1975 low unfold in a 5 wave impulsive structure suggesting a bullish sequence. The rally peaked on Dec 2014 and started the pullback to correct the entire cycle. The pullback unfolded in a corrective structure (WXY) and found buyers on March 2020.

$ENB Weekly Elliott Wave View July 31 2023:​

The Weekly chart above shows the cycle from March 2020 also unfold in a 5 wave impulsive structure suggesting another bullish sequence. The rally peaked on June 2022 and started a pullback to correct it. The pullback also unfolded in a corrective structure (ABC) and has entered our Blue Box area (36.87 - 31.68) where buyers are expected to appear soon.

We have a bullish sequence against March 2020 lows. As long as price remains above the invalidation level at $22.57, $ENB is expected to rally soon. Remember, corrections run in 3, 7 or 11 swings, so risk management should be exercised. The market could bounce and end up doing 7 swings lower before higher so we like to book partial profits and get risk free once the bounce takes place from the blue box.

Source: https://elliottwave-forecast.com/video-blog/enbridge-inc-enb-poised-rally-soon-blue-box-area/

 

[Elliottwave-Forecast]

As a major player in the mining sector, Vale SA (NYSE: VALE) has been making significant strides with its robust performance and strategic position in the industry. This article will delve into Vale's Monthly chart analysis, focusing on the bullish continuation pattern that has been unfolding.

In a prior 2019 article, we examined the prospect of surpassing the downtrend line from the 2008 peak, implying possible upward movement. As shown in the subsequent chart, the stock hit a significant low in 2016, and the anticipated breakout would trigger an impulsive upward movement.

VALE Weekly Chart 2019​

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In 2020, a breakout occurred, propelling the stock into a wave III surge until June 2021, peaking at $23.18. Subsequently, Vale embarked on a corrective phase in wave IV, characterized as a Contracting Triangle. Looking ahead, the stock is projected to ascend in wave V, provided it stays above the wave IV low of $12.51.

The anticipated target for wave V of (I) stands at the $26 - $30 range, potentially leading to a subsequent 3-wave pullback in wave (II) before an extended upward movement unfolds in the ensuing years.

VALE Elliott Wave Monthly Chart 8.2.2023​

A breach of May 2023 low for Vale could trigger a further decline to around $9, potentially concluding wave IV. Staying above the 2020 low of $6.5 may allow for a subsequent rally, either as a fifth wave or within a nested structure since 2016.

With its strong presence in the mining market and positive price action, Vale is showing promising signs of further growth. The Elliott Wave technical structure indicates a significant potential upside for the stock, irrespective of near-term developments. With a substantial low established in 2016, a new monthly upside cycle is in progress.

Source: https://elliottwave-forecast.com/stock-market/vale-bullish-price-action/